Ohio Economic Growth Act (2005)
From Ballotpedia
Ohio Issue 1, also known as the Create Jobs and Stimulate Economic Growth Act, was on the November 8, 2005 election ballot in Ohio as a legislatively-referred constitutional amendment, where it was approved.
- Yes: 1,512,669 (54.1%)
- No: 1,282,571 (45.9%)
The measure authorized spending $1.35 billion for "local government infrastructure".
The measure was voted onto the ballot by the Ohio State Legislature as a proposed amendment to the Ohio Constitution. $2.9 million was spent to pass it, while virtually nothing ($250) was spent to defeat it.[1]
Text of the proposal
The language that appeared on the ballot:
The purpose of this amendment is to create jobs and stimulate economic growth in Ohio.
This amendment creates and preserves jobs, enhances educational opportunities, and improves the quality of life and general well-being of people and businesses in all areas of Ohio by improving local government public infrastructure, expanding Ohio's research capabilities to promote product innovation, development and commercialization, and preparing economic development sites and facilities in Ohio. It declares that local government public infrastructure, and financial assistance for research and preparation of economic development sites and facilities in Ohio for and in support of industry, commerce and distribution (all referred to together as "development purposes") are public purposes.
This amendment authorizes the General Assembly to pass laws providing for its implementation, including laws ensuring the accountability of all state funding provided for the development purposes, and restricting or limiting the taking of private property for private sector entities. The implementation of research and development purposes is to benefit individuals and businesses otherwise qualified for the receipt of funding, including economically disadvantaged businesses and individuals in all areas of the state, including by the use of Ohio products, materials, services, and labor to the extent practicable.
If passed, this Amendment will be effective immediately.
The total principal amount of general obligation bonds issued under this amendment for financing development purposes is limited as follows: no more than $1.35 billion for local government public infrastructure with no more than $120 million in each of the first five fiscal years and no more than $150 million in each of the next five fiscal years; no more than $500 million for research and development purposes with no more than $100 million in each of the first three fiscal years and no more than $50 million in any other fiscal year; and no more than $150 million for developing sites and facilities with no more than $30 million in each of the first three fiscal years and no more than $15 million in any other fiscal year; provided that any principal amount that in any prior fiscal year could have been but was not issued may also subsequently be issued.
